Rare 1937-D Three-Legged Buffalo Nickel Worth $150,000

If you’ve come across a 1937 nickel in your loose change, you might be curious about its backstory. Known as the “Buffalo nickel,” this coin has both historical significance and potential value. But is it worth more than five cents? Let’s dive into the 1937 Buffalo nickel’s history, its value, and the features that distinguish an everyday coin from a collector’s treasure.

1937 Buffalo Nickel Value Chart

Mint Mark	XF45	MS60	MS65	MS68
1937 (P) No Mint Mark	$9	$32	$75	$10,500
1937 D	$9	$32	$110	$20,000
1937 S	$9	$32	$110	$18,000

Mint Mark	PR60	PR65	PR67	PR69
1937 (P) Proof	$775	$1,350	$2,250	$95,000

History of the 1937 Buffalo Nickel

First introduced in 1913, Buffalo nickels are named after the American bison depicted on their reverse side. The obverse features a profile portrait of a Native American man. The design replaced the earlier Liberty Head nickel, and the switch is credited to a letter from Eames MacVeagh, son of Treasury Secretary Franklin MacVeagh, suggesting a new design to honor his father’s tenure.

The artist behind this iconic look was James Earle Fraser. Though praised for its artistry, the design posed challenges — vending machines had trouble differentiating it from counterfeit coins, and the raised date wore off easily through regular circulation.

Because of these drawbacks, the Buffalo nickel was discontinued in 1938 after a 25-year run — the shortest possible lifespan for a U.S. coin before congressional approval would be required to retire it.

In 1937, the final full year of production, Buffalo nickels were minted at three locations: Philadelphia, Denver, and San Francisco. Proof versions were also produced in Philadelphia. Over 100 million Buffalo nickels were minted that year, with Philadelphia’s output being the second-largest of the series.

Fraser’s design was later revived on a commemorative silver dollar in 2001 and once again in 2006 for gold bullion coins.

Features of the 1937 Buffalo Nickel

The Obverse of the 1937 Buffalo Nickel

On the front of the 1937 Buffalo nickel, you’ll find the profile of a Native American man facing right. Although various individuals have claimed to be the model, Fraser stated that the design was a blend of multiple Native American leaders. Names like Iron Tail, Two Moons, John Big Tree, and Two Guns White Calf are frequently mentioned as influences.

A vending machine manufacturer, Clarence Hobbs, voiced concern about the coin’s high-relief cheekbone, which he believed would cause problems for his company’s coin-detection machines. Nonetheless, the U.S. Mint decided to proceed with Fraser’s design.

You’ll see the date located on the shoulder of the portrait, with the designer’s initial “F” placed just beneath it. The word “LIBERTY” arcs along the right edge of the coin.

The Reverse of the 1937 Buffalo Nickel

The reverse is what gave this coin its popular nickname. It features an American bison, often mistakenly called a buffalo. The debate over which specific animal inspired Fraser’s bison illustration has continued for decades.

Fraser once claimed the model was Black Diamond, a bison housed at the Bronx Zoo. However, Black Diamond was actually located at the Central Park Zoo, raising doubts about the story. Another theory suggests the model may have been “Bronx,” the lead bison at the Bronx Zoo.

The reverse shows the bison standing with its head lowered. The inscriptions above the animal read “UNITED STATES OF AMERICA,” and beneath it, the Latin motto “E PLURIBUS UNUM.” The denomination “FIVE CENTS” is printed at the bottom. If the coin was minted in Denver or San Francisco, a small mint mark will appear just below the denomination.

Other Features of the 1937 Buffalo Nickel

Each 1937 Buffalo nickel weighs 5 grams and measures 21.2 millimeters in diameter, with a plain, smooth edge. Despite the name, it’s made mostly of copper (75%) and 25% nickel. The Buffalo nickel is also often called the “Indian Head nickel” by collectors.

1937 Buffalo Nickel Grading

Grade	Description
1	Basal State-1
2	Fair
3	Very Fair
4-6	Good
7-10	Very Good
12-15	Fine
20-30	Very Fine
40	Extremely Fine
50	About Uncirculated
60	Mint State
65	Mint State
70	Mint State (perfect)

Accurate grading is crucial to understanding the value of your coin. If you’re uncertain, consider using a professional grading service.

1937 Buffalo Nickel Value Guides

1937 (P) No Mint Mark Buffalo Nickel Value

If your nickel has no mint mark below “FIVE CENTS,” it was minted in Philadelphia. Philadelphia struck nearly 79.5 million of these, making it the most common for the year.

In circulated grades like XF45, a 1937 Philadelphia Buffalo nickel is worth around $9. An uncirculated MS60 example can fetch $32. Coins graded MS65 are valued around $75, but at higher grades — like MS68 — the price can soar to $10,500.

1937 D Buffalo Nickel Value

The Denver Mint produced fewer coins — about 18 million. Yet despite its smaller mintage, many have survived, including a fair number in mint state.

A Denver-minted 1937 nickel graded XF45 is also valued at $9, with MS60 examples around $32. Higher-grade coins fetch more: MS65 versions go for around $110, and MS68 examples can command $20,000.

1937 S Buffalo Nickel Value

San Francisco struck the fewest nickels in 1937, with just 5.6 million minted. Interestingly, despite the low mintage, there are a good number of surviving mint-state examples.

Like the other two mints, an XF45 San Francisco nickel is valued at about $9, while MS60 examples go for $32. In MS65, the price jumps to $110. Top-graded MS68 examples are rare and valued at around $18,000.

1937 (P) Proof Buffalo Nickel Value

Philadelphia also produced proof nickels for collectors in 1937 — only 5,769 were made. Because of their limited run, they’re worth far more than circulated coins.

A proof graded PR60 is valued at $775, while a PR65 example can reach $1,350. The highest graded proofs, PR69, are valued at an impressive $95,000.

Rare 1937 Buffalo Nickel Error List

1937 D Three-Legged Buffalo Nickel

This famous error came from Denver. Due to excessive die polishing, the buffalo appears to have only three legs. Authentic three-legged nickels can command significant prices, even in lower grades.

A worn but genuine example graded 15 is worth around $650. XF45 versions sell for about $1,000, and uncirculated specimens start around $2,950. High-grade examples, like those graded MS66+, are valued at up to $105,000.

1937 D Over D Buffalo Nickel, Repunched Mint Mark

Some Denver nickels show a faint “D” beneath the visible mint mark, caused by a repunching error. These add a small premium. A repunched mint mark coin graded MS65 has sold for around $150 — about 50% more than a regular MS65.

San Francisco nickels with the same error also exist, with similar value increases.

Where to Sell Your 1937 Buffalo Nickel

Once you’ve identified your nickel’s grade and value, you might be ready to sell. There are several trusted platforms where you can safely list your coins, each offering different benefits depending on your needs. A little research will help you find the best fit for your selling goals.

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